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Preview 10Y Note Auction Re-Open

US TSYS/SUPPLY

Second leg of Monday's Tsy note supply coming up: $38B 10Y-Note R/O (91282CCB5). 10Y yield is currently running around 1.372%.

  • Tsys rallied after last month's strong 10Y-Note re-open drew 1.497% high-yield vs. 1.507% WI at the cut-off.
  • Bid-to-cover 2.58x highest in over a year (5 month average of 2.43x).
  • Strong direct and indirect take-ups were the highest in over a year: indirect take-up climbed to 65.04% vs. May's 63.38% (61.09% 5M avg); direct bidder take-up surged to 19.23% vs. 17.13% in May and 5M avg of 17.85%.
  • Primary dealer take-up dropped to 15.73% vs. the 5-month average of 21.06%.
  • Timing: The 10Y note auction results will available shortly after the competitive auctions closes at 1300ET.
  • The next 10Y auction is tentatively scheduled for August 11.
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